Peanut Seller Masterminds ₹2,000 Note Conversion Scam in Nagpur
Four Arrested in Illegal ₹2,000 Note Exchange Operation Led by a Peanut Seller
Peanut Seller Among Four Arrested in ₹2,000 Note Conversion Scam in Nagpur
Nagpur, January 1, 2025: In a shocking revelation, the Nagpur city police uncovered an illegal racket involving the exchange of ₹2,000 notes, led by an unsuspected mastermind—a peanut seller. Four individuals, including the peanut vendor, were arrested for running a scam that exploited the Reserve Bank of India’s (RBI) currency exchange policy.
The scam unfolded in the vicinity of RBI’s Nagpur office, with the mastermind, Nandalal Maurya, operating under the guise of selling peanuts at Samvidhan Square. Along with three accomplices—Rohit Bawne (34), Kishore Bahoriya (30), and Anil Jain (56) from Jabalpur, Madhya Pradesh—the racket successfully converted ₹2,000 notes into ₹500 denominations through legal loopholes.
How the Racket Operated
According to the police, Anil Jain devised the scheme, using Maurya as the initial point of execution. Maurya, a regular presence outside RBI’s Nagpur office, was instructed to exchange the first batch of ₹2,000 notes to learn the system. He successfully exchanged 10 notes, after which he expanded the operation.
Maurya recruited poor individuals, offering them ₹300 as a commission for every transaction. These individuals submitted their Aadhaar card details at the RBI office, making the exchanges appear legitimate. Maurya earned an additional ₹200 per 10 notes exchanged, paid by Jain.
The scam extended across different parts of the country, with Jain collecting the ₹2,000 notes from “customers” and funneling them through Maurya’s operation.
Police Action and Recovery
Based on a tip-off, Nagpur police conducted a detailed investigation and laid a trap to nab the culprits. The following cash recoveries were made during the operation:
- ₹60,000 from Maurya’s residence, including 120 notes of ₹500 denomination.
- ₹62,500 from Bawne, comprising a ₹2,000 note and 120 notes of ₹500 denomination.
- ₹80,000 from Bahoriya, consisting of 160 notes of ₹500 denomination.
The police suspect that large sums of money have been exchanged illegally under this racket, and further investigations are underway to trace the flow of funds and other potential accomplices.
Background of the Scam
This scam follows the RBI’s announcement on May 19, 2023, to withdraw ₹2,000 notes from circulation. The policy allowed citizens to exchange ₹2,000 notes for lower denominations through legitimate means, which the accused exploited by creating a systematic operation.
The Nagpur police have issued a public advisory, urging citizens to report any suspicious activities related to currency exchange. This case highlights how everyday individuals can be drawn into criminal activities under the guise of small commissions.
As investigations continue, authorities aim to identify more individuals connected to the racket and ensure strict action against those involved.
